Common use of Administrative Agent's Right to Assume Funds Available Clause in Contracts

Administrative Agent's Right to Assume Funds Available. Unless the Administrative Agent shall have been notified by any Bank at least two hours prior to the funding by the Administrative Agent of any Loan that such Bank does not intend to make available to the Administrative Agent such Bank's Pro Rata Share of such Loan, the Administrative Agent may, in its discretion (but shall not be so obligated), assume that such Bank has made such amount available to the Administrative Agent on the date of the Loan and the Administrative Agent may, in reliance upon such assumption, make available to Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent by such Bank, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such Bank, which demand shall be made in a reasonably prompt manner. If such Bank does not pay such corresponding amount forthwith upon the Administrative Agent's demand therefor, the Administrative Agent promptly shall notify Borrower and Borrower shall pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from such Bank interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to Borrower to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to the Federal Funds Rate as notified by the Administrative Agent to such Bank or the Borrower, as the case may be. Nothing herein shall be deemed to relieve any Bank from its obligation to fulfill its Pro Rata Share of the Commitment hereunder or to prejudice any rights which the Administrative Agent or Borrower may have against any Bank as a result of any default by such Bank hereunder.

Administrative Agent's Right to Assume Funds Available. Unless The Administrative Agent may assume that each Lender has made the proceeds of its Revolving Loans available to the Administrative Agent shall on the corresponding Funding Date in the event the applicable conditions precedent to funding the requested Revolving Loans set forth in Article 6 have been notified by satisfied or waived in accordance with Section 14.3, and the Administrative Agent, in its sole discretion, may, but shall not be obligated to, advance all or any Bank at least two hours portion of the amount of any requested Borrowing on such Funding Date to the Borrower prior to receiving the funding by proceeds of the corresponding Revolving Loans from the Lenders. If the Administrative Agent has advanced proceeds of any Revolving Loan that to the Borrower on behalf of any Lender and such Bank does not intend Lender fails to make available to the Administrative Agent such Bank's Pro Rata Share its Percentage share of such Loan, the Administrative Agent may, in its discretion (but shall not be so obligated), assume that such Bank has made such amount available to the Administrative Agent on the date of the Revolving Loan and the Administrative Agent may, in reliance upon such assumption, make available to Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent as required by such BankSection 2.2, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such Bank, which demand shall be made in a reasonably prompt mannerLender. If such Bank Lender does not pay such corresponding amount forthwith upon the Administrative Agent's demand therefor, the Administrative Agent promptly shall notify the Borrower and the Borrower shall pay such corresponding amount to the Administrative Agent. The Administrative Agent also shall also be entitled to recover from such Bank Lender interest at the Federal Funds Rate or any other rate customarily used by banks for the correction of errors among banks, but in no event to exceed the Highest Lawful Rate, on such corresponding amount in respect so advanced on behalf of a Lender for each day from the date such corresponding amount was made available by the Administrative Agent to the Borrower to the date such corresponding amount is recovered by the Administrative Agent, with interest at a the applicable rate per annum equal to the Federal Funds Rate as notified by the Administrative Agent to for such Bank or the Borrower, as the case may beRevolving Loan. Nothing herein shall be deemed to relieve any Bank Lender from its obligation to fulfill its Pro Rata Share of the Commitment hereunder such Lender's Commitments or to prejudice any rights which that the Administrative Agent or the Borrower may have against any Bank Lender as a result of any default by such Bank Lender hereunder.

Administrative Agent's Right to Assume Funds Available. Unless The Administrative Agent may assume that each Lender has made the proceeds of its Revolving Loans or Term Loans, as the case may be, available to the Administrative Agent shall on the corresponding Funding Date in the event the applicable conditions precedent to funding the requested Revolving Loans or Term Loans, as the case may be, set forth in Article 6 have been notified by satisfied or waived in accordance with Section 14.3, and the Administrative Agent, in its sole discretion, may, but shall not be obligated to, advance all or any Bank at least two hours portion of the amount of any requested Borrowing on such Funding Date to the Borrower prior to receiving the funding by proceeds of the corresponding Revolving Loans or Term Loans, as the case may be, from the Lenders. If the Administrative Agent has advanced proceeds of any Revolving Loan that or Term Loan to the Borrower on behalf of any Lender and such Bank does not intend Lender fails to make available to the Administrative Agent such Bank's Pro Rata Share its Percentage share of such Loan, the Administrative Agent may, in its discretion (but shall not be so obligated), assume that such Bank has made such amount available to the Administrative Agent on the date of the Loan and the Administrative Agent may, in reliance upon such assumption, make available to Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent as required by such BankSection 2.2, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such Bank, which demand shall be made in a reasonably prompt mannerLender. If such Bank Lender does not pay such corresponding amount forthwith upon the Administrative Agent's demand therefor, the Administrative Agent promptly shall notify the Borrower and the Borrower shall pay such corresponding amount to the Administrative Agent. The Administrative Agent also shall also be entitled to recover from such Bank Lender interest at the applicable rate for such Loan, but in no event to exceed the Highest Lawful Rate, on such corresponding amount in respect so advanced on behalf of such Lender for each day from the date such corresponding amount was made available by the Administrative Agent to the Borrower to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to the Federal Funds Rate as notified by the Administrative Agent to such Bank or the Borrower, as the case may be. Nothing herein shall be deemed to relieve any Bank Lender from its obligation to fulfill its Pro Rata Share of the Commitment hereunder such Lender's Commitments or to prejudice any rights which that the Administrative Agent or the Borrower may have against any Bank Lender as a result of any default by such Bank Lender hereunder.

Administrative Agent's Right to Assume Funds Available. Unless The Administrative Agent may assume that each Lender has made the proceeds of its or Revolving Loans available to the Administrative Agent shall on the corresponding Funding Date in the event the applicable conditions precedent to funding the requested Loans set forth in Article 6 have been notified by satisfied or waived in accordance with Section 14.3, and the Administrative Agent, in its sole discretion, may, but shall not be obligated to, advance all or any Bank at least two hours portion of the amount of any requested Borrowing on such Funding Date to the Borrower prior to receiving the funding by proceeds of the corresponding Loans from the Lenders. If the Administrative Agent has advanced proceeds of any Loan that to the Borrower on behalf of any Lender and such Bank does not intend Lender fails to make available to the Administrative Agent such Bank's Pro Rata Share its Percentage share of such LoanLoan as required by Section 2.1, the Administrative Agent may, in its discretion (but shall not be so obligated), assume that such Bank has made such amount available to the Administrative Agent on the date of the Loan and the Administrative Agent may, in reliance upon such assumption, make available to Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent by such BankSection 2.2 - 34 - or Section 2.3, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such Bank, which demand shall be made in a reasonably prompt mannerLender. If such Bank Lender does not pay such corresponding amount forthwith upon the Administrative Agent's demand therefor, the Administrative Agent promptly shall notify the Borrower and the Borrower shall pay such corresponding amount to the Administrative Agent. The Administrative Agent also shall also be entitled to recover from such Bank Lender interest at the applicable rate for such Loan, but in no event to exceed the Highest Lawful Rate, on such corresponding amount in respect so advanced on behalf of such Lender for each day from the date such corresponding amount was made available by the Administrative Agent to the Borrower to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to the Federal Funds Rate as notified by the Administrative Agent to such Bank or the Borrower, as the case may be. Nothing herein shall be deemed to relieve any Bank Lender from its obligation to fulfill its Pro Rata Share of the Commitment hereunder such Lender's Commitments or to prejudice any rights which that the Administrative Agent or the Borrower may have against any Bank Lender as a result of any default by such Bank Lender hereunder.

Administrative Agent's Right to Assume Funds Available. Unless the Administrative Agent shall have been notified by any Bank at least two hours prior to the funding by the Administrative Agent of any the Loan that such Bank does not intend to make available to the Administrative Agent such Bank's Pro Rata Share of such Loan, the Administrative Agent may, in its discretion (but shall not be so obligated), assume that such Bank has made such amount available to the Administrative Agent on the date of the Loan and the Administrative Agent may, in reliance upon such assumption, make available to Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent by such Bank, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such Bank, which demand shall be made in a reasonably prompt manner. If such Bank does not pay such corresponding amount forthwith upon the Administrative Agent's demand therefor, the Administrative Agent promptly shall notify Borrower and Borrower shall pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from such Bank interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to Borrower to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to the Federal Funds Rate as notified by the Administrative Agent to such Bank or the Borrower, as the case may be. Nothing herein shall be deemed to relieve any Bank from its obligation to fulfill its Pro Rata Share of the Commitment hereunder or to prejudice any rights which the Administrative Agent or Borrower may have against any Bank as a result of any default by such Bank hereunder.

Administrative Agent's Right to Assume Funds Available. Unless the Administrative Agent shall have been notified by any Bank at least two hours prior to the funding by the Administrative Agent of any each Loan that such Bank does not intend to make available to the Administrative Agent such Bank's Pro Rata Share of such Loan, the Administrative Agent may, in its discretion (but shall not be so obligated), assume that such Bank has made such amount available to the Administrative Agent on the date of the Loan and the Administrative Agent may, in reliance upon such assumption, make available to Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent by such Bank, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such Bank, which demand shall be made in a reasonably prompt manner. If such Bank does not pay such corresponding amount forthwith upon the Administrative Agent's demand therefor, the Administrative Agent promptly shall notify Borrower and Borrower shall pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from such Bank interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to Borrower to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to the Federal Funds Rate as notified by the Administrative Agent to such Bank or the Borrower, as the case may be. Nothing herein shall be deemed to relieve any Bank from its obligation to fulfill its Pro Rata Share of the Commitment hereunder or to prejudice any rights which the Administrative Agent or Borrower may have against any Bank as a result of any default by such Bank hereunder.

Administrative Agent's Right to Assume Funds Available. Unless the Administrative Agent shall have been notified by any Bank at least two hours prior to the funding by the Administrative Agent of any Loan that such Bank does not intend to make available to the Administrative Agent such Bank's Pro Rata Share of such Loan, the Administrative Agent may, in its discretion (but shall not be so obligated), assume that such Bank has made such amount available to the Administrative Agent on the date of the Loan and the Administrative Agent may, in reliance upon such assumption, make available to Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent by such Bank, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such Bank, which demand shall be made in a reasonably prompt manner. If such Bank does not pay such corresponding amount forthwith upon the Administrative Agent's demand therefor, the Administrative Agent promptly shall notify Borrower and Borrower shall pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from such Bank interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to Borrower to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to the Federal Funds Rate as notified by the Administrative Agent to such Bank or the Borrower, as the case may be. Nothing herein shall be deemed to relieve any Bank from its obligation to fulfill its Pro Rata Share of the a Commitment hereunder or to prejudice any rights which the Administrative Agent or Borrower may have against any Bank as a result of any default by such Bank hereunder.

Administrative Agent's Right to Assume Funds Available. Unless The Administrative Agent may assume that each Lender has made the proceeds of its or Revolving Loans available to the Administrative Agent shall on the corresponding Funding Date in the event the applicable conditions precedent to funding the requested Loans set forth in Article 6 have been notified by satisfied or waived in accordance with Section 14.3, and the Administrative Agent, in its sole discretion, may, but shall not be obligated to, advance all or any Bank at least two hours portion of the amount of any requested Borrowing on such Funding Date to the Borrower prior to receiving the funding by proceeds of the corresponding Loans from the Lenders. If the Administrative Agent has advanced proceeds of any Loan that to the Borrower on behalf of any Lender and such Bank does not intend Lender fails to make available to the Administrative Agent such Bank's Pro Rata Share its Percentage share of such LoanLoan as required by Section 2.1, the Administrative Agent may, in its discretion (but shall not be so obligated), assume that such Bank has made such amount available to the Administrative Agent on the date of the Loan and the Administrative Agent may, in reliance upon such assumption, make available to Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent by such BankSection 2.2 or Section 2.3, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such Bank, which demand shall be made in a reasonably prompt mannerLender. If such Bank Lender does not pay such corresponding amount forthwith upon the Administrative Agent's demand therefor, the Administrative Agent promptly shall notify the Borrower and the Borrower shall pay such corresponding amount to the Administrative Agent. The Administrative Agent also shall also be entitled to recover from such Bank Lender interest at the applicable rate for such Loan, but in no event to exceed the Highest Lawful Rate, on such corresponding amount in respect so advanced on behalf of such Lender for each day from the date such corresponding amount was made available by the Administrative Agent to the Borrower to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to the Federal Funds Rate as notified by the Administrative Agent to such Bank or the Borrower, as the case may be. Nothing herein shall be deemed to relieve any Bank Lender from its obligation to fulfill its Pro Rata Share of the Commitment hereunder such Lender's Commitments or to prejudice any rights which that the Administrative Agent or the Borrower may have against any Bank Lender as a result of any default by such Bank Lender hereunder.

Administrative Agent's Right to Assume Funds Available. Unless The Administrative Agent may assume that each Lender has made the proceeds of its Revolving Loans available to the Administrative Agent shall on the corresponding Funding Date in the event the applicable conditions precedent to funding the requested Revolving Loans set forth in Article 6 have been notified by satisfied or waived in accordance with Section 14.3, and the Administrative Agent, in its sole discretion, may, but shall not be obligated to, advance all or any Bank at least two hours portion of the amount of any requested Borrowing on such Funding Date to the Borrower prior to receiving the funding by proceeds of the corresponding Revolving Loans from the Lenders. If the Administrative Agent has advanced proceeds 42 44 of any Revolving Loan that to the Borrower on behalf of any Lender and such Bank does not intend Lender fails to make available to the Administrative Agent such Bank's Pro Rata Share its Percentage share of such Loan, the Administrative Agent may, in its discretion (but shall not be so obligated), assume that such Bank has made such amount available to the Administrative Agent on the date of the Revolving Loan and the Administrative Agent may, in reliance upon such assumption, make available to Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent as required by such BankSection 2.2, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such Bank, which demand shall be made in a reasonably prompt mannerLender. If such Bank Lender does not pay such corresponding amount forthwith upon the Administrative Agent's demand therefor, the Administrative Agent promptly shall notify the Borrower and the Borrower shall pay such corresponding amount to the Administrative Agent. The Administrative Agent also shall also be entitled to recover from such Bank Lender interest at the Federal Funds Rate or any other rate customarily used by banks for the correction of errors among banks, but in no event to exceed the Highest Lawful Rate, on such corresponding amount in respect so advanced on behalf of a Lender for each day from the date such corresponding amount was made available by the Administrative Agent to the Borrower to the date such corresponding amount is recovered by the Administrative Agent, with interest at a the applicable rate per annum equal to the Federal Funds Rate as notified by the Administrative Agent to for such Bank or the Borrower, as the case may beRevolving Loan. Nothing herein shall be deemed to relieve any Bank Lender from its obligation to fulfill its Pro Rata Share of the Commitment hereunder such Lender's Commitments or to prejudice any rights which that the Administrative Agent or the Borrower may have against any Bank Lender as a result of any default by such Bank Lender hereunder.

Administrative Agent's Right to Assume Funds Available. for --------------------------------------------------------- Advances. Unless the Administrative Agent shall have been notified by any Bank at least two hours -------- no later than the Banking Day prior to the funding by the Administrative Agent of any Loan that such Bank does not intend to make available to the Administrative Agent such Bank's Pro Rata Share of the total amount of such Loan, the Administrative Agent may, in its discretion (but shall not be so obligated), may assume that such Bank has made such amount available to the Administrative Agent on the date of the Loan and the Administrative Agent may, in reliance upon such assumption, make available to the Borrower a corresponding amount. Unless the Administrative Agent shall have been notified by the appropriate Bank no later than one hour prior to the funding by the Administrative Agent of any Competitive Advance by the Administrative Agent on behalf of that Bank such Bank does not intend to make available to the Administrative Agent such Bank's Competitive Advance the Administrative Agent may assume that such Bank has made such amount available to the Administrative Agent and the Administrative Agent may in reliance upon such assumption, make available to the Borrower a corresponding amount. If the Administrative Agent has made funds available to the Borrower based on such assumptions and such corresponding amount is not in fact made available to the Administrative Agent by such Bank, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such Bank, which demand shall be made in a reasonably prompt manner. If such Bank does not pay such corresponding amount forthwith upon the Administrative Agent's demand therefor, the Administrative Agent promptly shall notify the Borrower and the Borrower shall pay such corresponding amount to the Administrative Agent. The Administrative Agent also shall also be entitled to recover from such Bank interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to the Borrower to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to the Federal Funds Rate actual cost to the Administrative Agent of funding such amount as notified by the Administrative Agent to such Bank or the Borrower, as the case may beBank. Nothing herein shall be deemed to relieve any Bank from its obligation to fulfill its Pro Rata Share of the Commitment hereunder or to prejudice any rights which that the Administrative Agent or the Borrower may have against any Bank as a result of any default by such Bank hereunder.

Administrative Agent's Right to Assume Funds Available. Unless The Administrative Agent may assume that each Lender has made the proceeds of its Loans available to the Administrative Agent shall on the corresponding Funding Date in the event the applicable conditions precedent to funding the requested Loans set forth in Article 6 have been notified by satisfied or waived in accordance with Section 14.3, and the Administrative Agent, in its sole discretion, may, but shall not be obligated to, advance all or any Bank at least two hours portion of the amount of any requested Borrowing on such Funding Date to the Borrower prior to receiving the funding by proceeds of the corresponding Loans from the Lenders. If the Administrative Agent has advanced proceeds of any Loan that to the Borrower on behalf of any Lender and such Bank does not intend Lender fails to make available to the Administrative Agent such Bank's Pro Rata Share its Percentage share of such Loan, the Administrative Agent may, in its discretion (but shall not be so obligated), assume that such Bank has made such amount available to the Administrative Agent on the date of the Loan and the Administrative Agent may, in reliance upon such assumption, make available to Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent as required by such BankSection 2.2, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such Bank, which demand shall be made in a reasonably prompt mannerLender. If such Bank Lender does not pay such corresponding amount forthwith upon the Administrative Agent's demand therefor, the Administrative Agent promptly shall notify the Borrower and the Borrower shall pay such corresponding amount to the Administrative Agent. The Administrative Agent also shall also be entitled to recover from such Bank Lender interest at the Federal Funds Rate or any other rate customarily used by banks for the correction of errors among banks, but in no event to exceed the Highest Lawful Rate, on such corresponding amount in respect so advanced on behalf of a Lender for each day from the date such corresponding amount was made available by the Administrative Agent to the Borrower to the date such corresponding amount is recovered by the Administrative Agent, with interest at a the applicable rate per annum equal to the Federal Funds Rate as notified by the Administrative Agent to for such Bank or the Borrower, as the case may beLoan. Nothing herein shall be deemed to relieve any Bank Lender from its obligation to fulfill its Pro Rata Share of the Commitment hereunder such Lender's Commitments or to prejudice any rights which that the Administrative Agent or the Borrower may have against any Bank Lender as a result of any default by such Bank Lender hereunder.

Administrative Agent's Right to Assume Funds Available. Unless The Administrative Agent may assume that each Lender has made the proceeds of its Term Loan or Revolving Loans available to the Administrative Agent shall on the corresponding Funding Date in the event the applicable conditions precedent to funding the requested Revolving Loans set forth in Article 6 have been notified by satisfied or waived in accordance with Section 14.3, and the Administrative Agent, in its sole discretion, may, but shall not be obligated to, advance all or any Bank at least two hours portion of the amount of any requested Borrowing on such Funding Date to the Borrower prior to receiving the funding by proceeds of the corresponding Loans from the Lenders. If the Administrative Agent has advanced proceeds of any Loan that to the Borrower on behalf of any Lender and such Bank does not intend Lender fails to make available to the Administrative Agent such Bank's Pro Rata Share its Percentage share of such LoanLoan as required by Section 2.2, the Administrative Agent may, in its discretion (but shall not be so obligated), assume that such Bank has made such amount available to the Administrative Agent on the date of the Loan and the Administrative Agent may, in reliance upon such assumption, make available to Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent by such BankSection 2.3 or Section 2.4, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such Bank, which demand shall be made in a reasonably prompt mannerLender. If such Bank Lender does not pay such corresponding amount forthwith upon the Administrative Agent's demand therefor, the Administrative Agent promptly shall notify the Borrower and the Borrower shall pay such corresponding amount to the Administrative Agent. The Administrative Agent also shall also be entitled to recover from such Bank Lender interest on such corresponding amount in respect so advanced on behalf of such Lender for each day from the date such corresponding amount was made available by the Administrative Agent to the Borrower to the date such corresponding amount is recovered by the Administrative Agent, Agent at a rate per annum equal to the Federal Funds Rate as notified or any other rate customarily used by banks for the Administrative Agent correction of errors among banks, but in no event to such Bank or exceed the Borrower, as the case may beHighest Lawful Rate. Nothing herein shall be deemed to relieve any Bank Lender from its obligation to fulfill its Pro Rata Share of the Commitment hereunder such Lender's Commitments or to prejudice any rights which that the Administrative Agent or the Borrower may have against any Bank Lender as a result of any default by such Bank Lender hereunder.